Bank Midwest Insurance Services of Spirit Lake was recently named to the prestigious 2014 Grinnell Mutual Reinsurance Company President’s Club. Recognized by Grinnell Mutual President and CEO Larry Jansen, Bank Midwest Insurance Services ranks among the company’s top 50 agencies and 12 farm mutual companies for outstanding achievement in the insurance profession and for superior [...]Read more >
Protect your standard of living, retain your independence, and keep your financial dreams for the future alive.
Everyone has a unique situation; we can help you determine what coverage works best for your lifestyle.
One of the most responsible things you can do for your family is to help take care of them when you’re no longer there. Life insurance provides that solution.
The choices are many, from whole and universal life to term insurance policies, and we’ll work with you to find the coverage that makes sense for you and your family.
Why Buy Life Insurance?
As with all insurance, life insurance plans are about preparing for the unexpected. We don’t plan to have a heart attack or meet an untimely end. We may fret about the unforeseen, but there are few ways to prepare for it. Life insurance provides a way to be prepared and get peace of mind.
The main reason to buy life insurance is for financial protection for your family and dependents. If you are the sole income earner or the major provider in your family, then life insurance definitely makes sense. If you should die unexpectedly, your policy will help your loved ones pay your final expenses and potentially receive ongoing support. The amount they receive will depend upon the size of policy you buy.
How Much Life Insurance Do I Need?
Choosing a life insurance plan requires a bit of math. You want to figure out how much your family needs for daily spending and major upcoming expenses in the event that you pass away too soon and cannot provide for them. Or, if you are young, single and healthy, you can look at the cost of paying off any debt you have accumulated, or the cost of care for an aging parent.
With the rising costs of health care, health insurance for you and your family should be a top priority to avoid future financial hardship in the event of an injury or illness.
Many employers offer group health plans which can cost less than individual health policies, but you should also be aware of other options:
- Critical Illness Policies can reduce the financial stress if certain specified conditions occur such as cancer, heart attack, or Alzheimer’s disease. This protection can provide the peace of mind to let you focus on recovery.
- Medigap is a private insurance option, available at various levels of coverage, to supplement the Medicare health plan.
- A Health Savings Account (HSA) is a flexible and affordable alternative to buying high-priced coverage. This tax-free, interest-bearing savings account is tied to a high-deductible policy that offers lower premiums; you use the premium savings to cover out-of-pocket medical costs. After you’ve met the deductible, the HSA plan covers remaining eligible health care expenses. Money not needed to cover expenses remains in the account for you.
Disability insurance complements health insurance by providing income when you’re unable to work due to an accident or illness. Talk to us about your options.
You work hard to build a life for yourself, and it’s only natural that you want to protect that. Most likely you protect your home, car and family from the unexpected with the appropriate insurance plans. What about your income? If you were suddenly unable to work due to an injury or illness, could you maintain your current lifestyle? How long could you pay your mortgage and bills?
Short term and long term disability insurance can protect your financial wellbeing by replacing lost wages if an illness or injury prevents you from working. Some employers offer disability insurance plans. If your employer does not offer this coverage, or if you are self-employed, you can buy personal disability insurance. Contact us today to learn how to protect yourself and your family in the event that you are unable to provide for them due to an illness, injury or disability.